RBI removed the long standing ban on adding customers through Bank of Baroda’s app.

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RBI has given permission to Bank of Baroda to add new customers through ‘Bob World’ application after about seven months. On October 10, 2023, the RBI had barred the public sector bank from adding new customers through its mobile app ‘Bob World’.

New Delhi . The Reserve Bank of India (RBI) on Wednesday allowed Bank of Baroda to add new customers through the ‘Bob World’ application after nearly seven months. RBI had barred the public sector bank from adding new customers through its mobile app ‘Bob World’ on October 10, 2023. The move was taken following oversight concerns. Bank of Baroda said in a communication sent to the stock exchange, “We wish to inform that the RBI vide its letter dated May 8, 2024 has informed the Bank of its decision to remove the above mentioned restrictions on Bob World with immediate effect. Have got it done. “The Bank is now free to engage customers through the App in accordance with the applicable guidelines and existing laws or regulations.”

The bank said that it will now start adding new customers on the Bob World app again. Along with this, it said that it is committed to ensuring compliance and adherence to regulatory guidelines. Last week, RBI had also removed the ban on Bajaj Finance from giving loans through Ecom and Insta EMI cards. Earlier, the Reserve Bank had banned private sector Kotak Mahindra Bank from adding new customers through online and mobile banking and issuing new credit cards.

Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.



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